Yesterday, the Naira strengthened in the parallel market, rising to N1,715 per dollar from N1,725 per dollar over the weekend.
Conversely, the Naira weakened in the Nigerian Autonomous Foreign Exchange Market (NAFEM), falling to N1,603.16 per dollar, down from N1,600.78 per dollar last Friday, representing a depreciation of N2.38.
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Data from FMDQ indicated that the volume of dollars traded in the official market increased by 2.4%, reaching $359.22 million compared to $350.72 million traded the previous weekend.
As a result, the gap between the parallel market rate and the NAFEM rate narrowed to N111.84 per dollar from N124.22 per dollar last Friday.
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